Absa may have to pay R2.25 billion for unlawful apartheid era bank bailout

Mail & Guardian reports that Public Protector Advocate Busisiwe Mkhwebane has found that Absa has to pay R2.25 billion to the fiscus for an unlawful apartheid-era bank bailout.

M&G senior reporter, Pauli Van Wyk, says Reserve Bank, Treasury and the Presidency are also implicated in Mkhwebane's preliminary report.

Absa, Reserve Bank, Treasury and Presidency must now tell the Public Protector why she must not make her findings permanent.

Pauli Van Wyk, Mail & Guardian senior reporter

They have already received preliminary report and have to answer it by end of February.

Pauli Van Wyk, Mail & Guardian senior reporter

Listen to the full interview below for more details...


Recommended

by NEWSROOM AI
Read More
Fana Hlongwane sues Absa for closing his accounts

Fana Hlongwane sues Absa for closing his accounts

Former arms deal consultant and businessman Fana Hlongwane wants Absa to pay him R7 million for closing his accounts in 2013.

Absa backs Gordhan in proving hands are tied in Gupta-banks saga

Absa backs Gordhan in proving hands are tied in Gupta-banks saga

Pravin Gordhan applied for an order confirming he could not interfere in banks’ decisions to cut ties with the Gupta family.

Zuma claims he is only person who has right to appoint commission of inquiry

Zuma claims he is only person who has right to appoint commission of inquiry

Law expert Phephalaphi Dube says Constitution doesn't give Zuma unbridled power regarding state capture report inquiry.

Zuma wants state capture report back to Mkhwebane for 'further investigation'

Zuma wants state capture report back to Mkhwebane for 'further investigation'

Political analyst Eusebius McKaiser and Business Day legal writer Franny Rabkin look at the legalities of the President's case.

Mkhwebane denies laying charges against former Public Protector Thuli Madonsela.

Mkhwebane denies laying charges against former Public Protector Thuli Madonsela.

Public Protector Advocate Busisiwe Mkhwebane Public Protector calling on police to investigate leaked interviews.

Does new Public Protector believe Madonsela violated the law?

Does new Public Protector believe Madonsela violated the law?

Sunday Times reporter Qaanitah Hunter looks at the charges laid against former Public Protector by her predecessor.

Public Protector CEO resignation raises questions

Public Protector CEO resignation raises questions

CEO of the Public Protector's Office Advocate Louisa Zondo has resigned for personal reasons, raising suspicion and speculation.

Mkhwebane denies trash talking Madonsela (and doesn't want to be compared)

Mkhwebane denies trash talking Madonsela (and doesn't want to be compared)

Busisiwe Mkhwebane says she feels she's being unfairly compared to her predecessor adding that she wants to do things differently.

New Public Protector focuses on cost cutting and tackling backlog

New Public Protector focuses on cost cutting and tackling backlog

During the public briefing, Busisiwe Mkhwebane said that Madonsela has run her race and this is her time to also run her race.

"We all dropped the ball", says Madonsela on higher education crisis

"We all dropped the ball", says Madonsela on higher education crisis

Madonsela attended a Peace Accord meeting at Wits University to help mediate conflict between students, management and government.

New Public Protector hits ground running, 'throws shade' at Madonsela

New Public Protector hits ground running, 'throws shade' at Madonsela

Adv. Mkhwebane briefed the justice portfolio committee on her office’s yearly report and seemed to discredit her predecessor.

Mkhwebane cannot release 'state capture' report until court matter resolved

Mkhwebane cannot release 'state capture' report until court matter resolved

New Public Protector appeared before Parliamentary Justice Portfolio Committee to present annual report and was warmly welcomed.

Patrice Motsepe? Bob Diamond? PIC? Who is buying Barclays Africa?

Patrice Motsepe? Bob Diamond? PIC? Who is buying Barclays Africa?

Barclays is selling about 20% of its stake in Barclays Africa Group to money managers for $879 million.

Oakbay employees march to Absa, FNB and Standard Bank with demands

Oakbay employees march to Absa, FNB and Standard Bank with demands

Employees of the Gupta-linked company handed over a memorandum of demands in an effort to save their jobs.

Guptas find new auditors (after being dumped by KPMG)

Guptas find new auditors (after being dumped by KPMG)

What SizweNtsalubaGobodo would have looked at before deciding to accept the Guptas as clients.

Popular articles
[WATCH] London underground train singer performing Shallow on Ellen goes viral

[WATCH] London underground train singer performing Shallow on Ellen goes viral

Khabazela shares some of the videos that went viral on Twitter and Facebook.

Unions not happy with Mboweni's announcement to cut public wage bill by 1%

Unions not happy with Mboweni's announcement to cut public wage bill by 1%

Public Servants Association's Reuben Maleka says the government is trying to pit unions against the public.

Wait - why did that debit order go off so early?

Wait - why did that debit order go off so early?

Wendy Knowler, consumer journalist, on Nedbank's early debit orders.

Budget 2020: The big surprise was two billion rand in tax relief

Budget 2020: The big surprise was two billion rand in tax relief

Individual tax payers are actually better off as a result of Budget 2020.

$7 trillion could save the world but not in the way you might think

$7 trillion could save the world but not in the way you might think

A billionaire asset fund manager has told global CEO’s to focus on climate change.

Budget 2020: The good, the bad, and the ugly

Budget 2020: The good, the bad, and the ugly

The Money Show asked three economists for their views on the pros and cons of Budget 2020.

 Magistrate Desmond Nair provisionally suspended over Bosasa allegations

Magistrate Desmond Nair provisionally suspended over Bosasa allegations

Nair was charged with two counts of misconduct in November last year following a preliminary investigation by the ministry.

Literacy Project to empower caregivers of pre-school children

Literacy Project to empower caregivers of pre-school children

CEO Steven Roux says they identified that there is a significant number of children who are not getting access to good creches.

Frustrated judge tells Dudu Myeni to answer questions directly - report

Frustrated judge tells Dudu Myeni to answer questions directly - report

The former SA chairperson was giving evidence in the delinquency case brought by Outa and the SA Pilots Association

Mboweni allocates R60-billion for SAA and Eskom

Mboweni allocates R60-billion for SAA and Eskom

Economist Dr Sean Miller says Eskom is a national problem and it is going to need to be bailed out.